Sam gives an overview for each of our recommended charting platforms. The overview includes pricing and more detail.
BO103 Lesson – Recommended Charting Programs Transcript
Welcome to another Binary Options 100 training video. This is Binary Options 103, Recommended Charting Programs. My name is Sam, and this course is brought to you by binaryoptions.education.
So why do we need to use a charting program? When we trade binary options, we’re not simply clicking call or put without any logical reasoning, but we will be reading price charts and using price charts to speculate what a future price is going to be. And this will increase our probability of making a profit from binary options.
So I would recommend four charting programs in this video– three web-based and one desktop-based. In ChartIQ, TradingView, FreeStockCharts, and MetaTrader. Now, there is a lot to each of these charting programs, and I could do a whole video on each charting program.
But instead, I’m going to give you a brief overview of each recommended charting program and advise you to go and have a look for yourself, and see which one you prefer, and see the differences between them.
So ChartIQ, their website is www.chartiq.com. In future videos of this course, I will show you how to read price charts and also how to use indicators to speculate what a future price is going to be. So does ChartIQ offer indicators? Yes, it does. It offers price charts on stocks and Forex.
There is a price for ChartIQ, which is $8 a month. But there is a trial period of 10 days. So as mentioned, I would go to their website, take the trial, and get a feel for this program yourself.
TradingView, www.tradingview.com. This is personally my favorite charting program out of the four that are recommend in this video. They offer indicators. And they offer price charts on stocks, Forex, and futures, futures covering commodities and indices. You have your whole range of price charts for all of your binary options. And it’s for free.
FreeStockCharts, www.freestockcharts.com. Indicators, yes. They only offer price charts on stocks. This charting program is also for free. And that’s our three web-based charting programs.
Let’s look at MetaTrader, which is the desktop-based charting program that we recommend. MetaTrader is widely used by Forex retail traders. MetaTrader has a strong reputation amongst retail traders. You can download MetaTrader at Vantage FX or XM.com.
The reason I suggest these two sites is you can open an unlimited demo account with both of these brokers and then use MetaTrader as your charting program for free. Does MetaTrader have indicators? Yes, it does. What financial instruments are offered?
Generally, it’s just Forex. You may find there are other instruments offered.
But a word of warning– if there are, these may be CFDs, and the rates may be different to the rates offered by binary option brokers. So just do a bit of research. But I would use MetaTrader solely for Forex. MetaTrader is for free.
So that’s the four charting programs we recommend. The detail I have given you may change over time, but it was accurate when this video was recorded. Thank you for watching this video, and please continue to watch the videos in this course.